Trusts Attorneys Serving Nevada 

What Is a Trust and How Can It Benefit You and Your Family Financially?

A valid trust is a legally recognized arrangement in which one party, known as the settlor, transfers assets (typically their property or investments) to another person or entity (known as the trustee), for the benefit of another person or entity (the beneficiary). In this way, trusts serve to protect settlors and their families financially by creating legal structures designed to ensure that beneficiaries of the trust will receive their inheritance without interruption. 

Trusts can be established in many different ways, such as irrevocable trusts and testamentary trusts. Each type of valid trust has its own advantages depending on your individual circumstances; however, the most common types are used for protecting beneficiaries from tax implications and ensuring that disbursements are made according to the settlor's wishes after death or incapacity. Ultimately, valid trusts offer a wide range of financial benefits for you and your family.

Types of Trusts Available 

Trusts can be an important part of your estate planning. Knowing the different types of trusts available to you, and their features, can help you better decide which is right for your situation. 

• A testamentary trust is a type of trust created through a will that takes effect upon the death of the testator. 
• A living trust is created during the lifetime of the grantor and sets conditions on how assets are to be handled or distributed both during their lifetime and after they have passed away. 
• In contrast to testamentary trusts, revocable trusts remain under the control of the grantor and can be changed or revoked during their lifetime if desired. 
• Irrevocable trusts cannot be revoked and are generally used for asset protection purposes. 

Flynn Giudici can help you determine which type of trust is best suited for your goals as you work to develop an effective strategy for your estate plan.

What Assets Can Be Placed in a Trust?

Establishing a trust is an important decision to make when you want to preserve and protect your assets. While trusts are usually associated with long-term investments, they can also be used to hold almost anything of value. Commonly placed items in a trust may include: 

• Money
• Stocks
• Bonds
• Real estate
• Artwork and other collectibles
• Business interests and intellectual property such as copyrights and trademarks 

With careful design and management, trusts offer great flexibility in distributing assets to your designated beneficiaries according to your wishes, thus reducing some of the financial burden for them after your death.

The Benefits of Having a Trusts Attorney Help You Set Up Your Trust

If you are considering setting up a trust in either Nevada or California, a lawyer who practices estate planning will be invaluable. Having the help of a professional can provide peace of mind that legal documents are filed correctly and offer numerous benefits, such as asset protection and probate avoidance. 

Our experienced trusts attorney can guide you through the trust creation process, ensuring your financial objectives are achieved and your assets are managed according to your wishes. Furthermore, we will take measures to ensure that your trust is free from potential conflict and remains compliant with state tax laws.

A trust can be an extremely valuable estate planning tool for you and your family. Working with a trusts lawyer at Flynn Giudici can better ensure that you create a trust that meets all your needs and objectives. 

If you would like more information about trusts or need assistance setting up a trust for yourself or a loved one, please contact our office today: (775) 406-9595. We represent clients in California and Nevada.